Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Deputy CM instructs BBMP Commissioner to ascertain exact cause of coronavirus-related deaths
News Network
August 5,2020
Bengaluru, Aug 4: Deputy Chief Minister Dr.CN Ashwathnarayan instructed the Bruhat Bengaluru Mahanagara Palike (BBMP) Commissioner Manjunatha Prasad to set up a separate high-level committee to ascertain the exact cause of coronavirus-related deaths in the state.
He spoke to reporters after a meeting with Prasad on Tuesday.
"The committee, headed by senior officials will audit the reason for the increase in death cases. Has there been a death due to treatment delay? Or are there any shortcomings in the treatment process?" the deputy chief minister said.
He pointed out that based on the report, the committee should try to correct the deficiency and reduce the death rate.
"How many beds are in which hospital? How many patients are on a ventilator? How many have gone home from the hospital? Etc. All information needs to be updated online at the moment. He suggested that this information should be made available to the public online," Ashwaththanarayana said.
Stating that some hospitals are not giving details about the number of beds correctly, he instructed the commissioners to take legal action if differences in their data are found.
He said that there is a shortage of ASHA workers in the city and it needs to be hired immediately.
According to the Ministry of Health and Family Welfare, there are 74,477 active COVID-19 cases in Karnataka and the death toll in the state is at 2,594.
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‘Get rid of CAA, NRC by converting to Hinduism’, says hoarding in PM Modi’s constituency
News Network
January 20,2020
Varanasi, Jan 20: An FIR has been lodged against unidentified persons for a controversial hoarding near the Varanasi railway station. It is worth mentioning here that Prime Minister Narendra Modi himself is the MP of Varanasi Lok Sabha constituency.
The hoarding near the Englishiya Line crossing read, "Hindu dharma mein ghar vapasi karo... CAA, NRC se chhutkara pao (Get rid of CAA, NRC by converting to Hinduism)".
Inspector Ashutosh Ojha said that the FIR under section 295 A and 505 of IPC has been lodged.
"Investigation has been launched in the case and those involved in putting up the hoarding would be identified soon," he added.
According to sources, a lesser known outfit, Hindu Samaj Party, had placed the hoarding on the busy road.
The outfit's state Vice President Roshan Pandey had made a video viral on social media with his message in which he claimed to have put up the hoarding in response to the protest being staged at Shaheen Bagh, New Delhi.
The hoarding, which also has photographs of some Muslim women wearing saffron pagdi, was removed by the police late Saturday evening.
It came up at a time when Chief Minister Yogi Adityanath, Union Minister Smriti Irani and other leaders were in Varanasi to address a rally in support of the Citizenship Amendment Act at the Sampurnanand Sanskrit University.
Pandey, along with his supporters, had also tried to stage a sit-in at Lanka to give a call for marching to Shaheen Bagh in Delhi but was prevented by the police.
They were taken in custody and were later released following initial interrogation, said inspector Lanka, Bharat Bhushan.
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Bengaluru Police Commissioner’s office sealed after staffer tests positive
News Network
June 27,2020
Bengaluru, Jun 27: The Bengaluru Police Commissioner’s office on Infantry Road has been sealed after one of the staffers tested Covid-positive. It will remain shut from June 27 to 29.
A senior police officer from the administrative department, in a media release, stated that almost the entire staff has been asked to work from home, while some have told to work from sub-divisions of DCP’s offices.
It is said that one of the staffers, who recently reported for duty at Anti-Terror Cell (ATC), tested positive on Friday, and officials took a decision to seal the premises after the media got wind of it.
Earlier, a function for Drug Observation Day too was held on the premises on Friday. The staff has not been asked to go on quarantine.
Only a few staffers have been asked to come to the police control room situated in the same building.
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